K
Kds
Is Amount paid to employee by Employer as Notice period pay taxable in the hands of employee?
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Yes definitely
KDS 28 Nov 2020But isn't it tax free under section 10(10b)
Mr .. .. 28 Nov 2020Yes
Mr .. .. 28 Nov 2020Tax has to be paid on such notice pay
CA Naman Maloo 29 Nov 2020yes
yes
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Sabarinath
I have a salary account in IDFC. I opened it in 2017 when I was working. I worked only for 2 months. But I didn't close my salary account. I used the salary account for general purpose. Now when I saw the transaction my total credit for last financial year was around 14 lakhs. I didn't file any itr is it going it be problem??
It depends on various factors. Such as: are the credits made to account were cash deposits or account transfer. What is your current business or profession and many other such details. For further discussions you may call at 9587334442
CA Roomi Gupta 27 Nov 2020No matter its salary account or other...... source of credit need to be justified ....... and according to Income ITR need to be filed
CA Naman Maloo 29 Nov 2020yes it can
CA Akshay Ranka 29 Nov 2020u can still file ITR for AY 19-20 (fy 18-19) for more details what app on 8989449201 last date is 30/11/2020
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Tejashree
How do i pay tax on money obtained from forex trading? How much do i need to pay the tax on it?
Forex income is taxable in India and is normally treated as regular business income
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Jignesh Desai
In a financial year , say FY 2019-20 , a child's grandfather paid her school fees & debited that amount to the account of the child's mom (his daughter-in-law) in his books of accounts . In other words , he paid the school fees for the child on her mom's behalf . This amount got adjusted against salary that he credited to her (his daughter-in-law's) account , in his books , in that year itself .
Now , my question is , would it be deemed that the mother has paid the fees for her child in that year ? And so, would she be able to claim this deduction (the tuition fees component of the school fees ) under section 80 C in that year ?
Yes she can claim the deductions u/s 80C because she ultimately paid the fees from her salary.
CA Roomi Gupta 27 Nov 2020Yes she can claim the deductions for Tuition fee debited from her account
JigneshDesai 29 Nov 2020Thank You Puja Ma'am & Roomi Ma'am .
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Pinky Mehta
I bought a property jointly with my husband. The Cost of property is Rs. 55 Lacs. There is a bank loan on this property on my name. The initial payment and instalment is all paid by me.
How much tds should be deducted on whose name as seller is also joint owner. I have to deduct TDS on each Instalments and pay two challans, one from my account and another one from my husband’s account as i am purchasing property on joint name? Also i have to pay TDS for both joint holder?
Kindly advice.
Pinky Mehta
TDS must be deducted @1 per cent by the buyer at the time of making the payment.TDS should be deducted at the time of payment to the seller. If the payment is in installments than TDS should be deducted with each installment. If the entire amount is paid in single installment than entire TDS amount should be deducted at the time of making complete payment. PAN of the seller, as well as Purchaser, should be mandatorily furnished in an online form (Form 26QB) for furnishing information regarding the property transaction. Can contactus for any assistance on Filing 26QB.
CA Naman Maloo 29 Nov 2020It is difficult to answer such question here without discussing full facts but TDS as of now is to be deducted @0.75% and it needs to be deducted by each purchaser on each seller.
Book phone consultation at: https://www.taxontips.com/tax-notice-personal-consultation/
Thanks for your replies.
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